2017 Millennial Hiring Trends Study - · PDF file2017 Millennial Hiring Trends Study. CONTENTS...

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  • Conducted by MRINetwork

    2017 Millennial HiringTrends Study

    MRINetwork.com/Millennial-Hiring-Trends-Study

    http://www.mrinetwork.com/millennial-hiring-trends-study/

  • 2 2017 Management Recruiters International, Inc. All rights reserved. Each office is independently owned and operated. An Equal Opportunity Employer.

    A leader and innovator in search, recruitment and contract staff ing worldwide.

    SURVEY HIGHLIGHTS 3

    THE MARKET

    Candidate or Employer-Driven Market? 5

    PRIORITIES

    Whats Most Important to Millennials? 6

    ATTRACTING CANDIDATES

    Degree of Focus on Attracting Millennials 7

    Top Channels Leveraged to Attract Millennials 8

    ENGAGING AND RETAINING

    Methods and Tools To Engage and Retain (Millennial Response) 9

    Methods and Tools To Engage and Retain (Recruiter Response) 10

    BRAND ATTRACTIVENESS

    How Attractive are Company Brands to Millennials? 11

    2017 RECRUITMENT

    Prioritizing of Millennials in 2017 12

    CONCLUSION 13

    ABOUT THE STUDY 13

    Click here to view the video summary of the 2017 Millennial Hiring Trends Study.

    CONTENTS

    http://mrinetwork.com/Millennial-Hiring-Trends-Studyhttp://mrinetwork.com/Millennial-Hiring-Trends-Study

  • 3 2017 Management Recruiters International, Inc. All rights reserved. Each office is independently owned and operated. An Equal Opportunity Employer.

    A leader and innovator in search, recruitment and contract staff ing worldwide.

    As global experts and leaders in the search and recruitment industry, MRINetwork recruiters conduct searches every day in virtually every industry at the executive, managerial and professional level. They have a keen awareness of the overall job market, as well as the factors and trends that affect it. In November we conducted the MRINetwork 2017 Millennial Hiring Trends Survey, across our approximately 600 worldwide offices, to evaluate the current employment landscape among Millennials, and how companies are preparing for a 2020 workforce, in which its projected that Millennials will comprise 50 percent of the labor market. Insight was also gained from millennial candidates, across a variety of industries and regions across the U.S.

    Key Findings Despite an aging Baby Boomer population and the need for succession planning that will largely include

    the movement of Millennials into managerial and executive roles, most companies are not especially focused on attracting Millennials. This sentiment is echoed by the majority of Millennials, who said they felt employers are neutrally or somewhat focused on appealing to them. Recruiters face the challenge of helping organizations understand why they need to become acquainted with what top millennial talent desire now.

    Flexible work options are not most likely to keep Millennials in a company, though this was the top pick for 38 percent of recruiters. Career pathing, which is mapping of incremental progression to new roles in a company, has the most impact on retaining Millennials. Since Millennials are particularly focused on moving up the corporate ladder, career pathing presents not only a plan for upward mobility, but also empowers top performers to take ownership of their ability to advance within the company.

    SURVEY HIGHLIGHTS

    Caree

    r Path

    ing

  • 4 2017 Management Recruiters International, Inc. All rights reserved. Each office is independently owned and operated. An Equal Opportunity Employer.

    A leader and innovator in search, recruitment and contract staff ing worldwide.

    SURVEY HIGHLIGHTS

    While recruiters felt work-life balance was most important, Millennials ranked compensation as their top priority when considering a new job, followed by opportunities for advancement and mentorship. That is likely because a large portion of this generation is focused on ramping up their work and leadership experience as quickly as possible. As their knowledge and responsibilities deepen, they continue to look for pay increases that reflect this expertise. Millennials ranked compensation just two percentage points higher than mentorship and advancement opportunities, suggesting that it may be the deciding factor for a new job. To better attract millennial talent, employers will need to discuss salary earlier in the recruitment process, instead of delaying these conversations until the offer stage. Especially in high growth sectors where specialized talent is in high demand, but the candidate pools are tight, compensation is often the driving factor for top millennial candidates in these environments.

    Although more than half of recruiters (54 percent) think online presence has the most influence on a Millennials impression of a prospective employer, 40 percent of millennials say its market reputation. While a key way to establish market reputation is through online measures, Millennials take a holistic approach in looking at the overall positioning of the company. Companies will need to distribute positive messaging about the company, both internally and externally, about why they are an employer of choice. Messaging will need to focus on competitive pay, market footing and reputation, and career pathing.

    Its unclear whether the market is currently candidate-driven among top millennial talent; most recruiters (71 percent) say it is, while more than half of Millennials (53 percent) feel employers have the upper hand. Although many factors are at play, Millennials may feel inferior to their prospective employers because of lengthy hiring processes and/or little or no feedback about their standing in the interview process. Companies may feel Millennials have more control because they often bring tech-savvy, new work approaches and specialty skillsets to the table. Ultimately, as we get closer to a millennial-dominated workforce, it will be critical for employers to get a better understanding of this generations expectations, to attract them into their organizations.

    71% of Recruiters 53% of Millennialssay its a candidate-driven market say its an employer-driven market

  • 5 2017 Management Recruiters International, Inc. All rights reserved. Each office is independently owned and operated. An Equal Opportunity Employer.

    A leader and innovator in search, recruitment and contract staff ing worldwide.

    Recruiters

    17 %

    71%

    12%

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    80%

    A Candidate-Driven MarketNot sure

    An Employer-Driven Market

    53%

    40%

    7%

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    Millennials

    Highly-Skilled CandidatesNot sure

    Employers

    Candidate or Employer-Driven Market?

    Recruiter Comments

    Millennials are very attracted to a job that is purposeful, and they want a clear path to the next level.

    So many clients have to be educated on the perceived job hopping of Millennials. They go where the money and promotions are. If the company they are with wont give them what they want, they go elsewhere.

    Companies lose out on exceptional candidates because their culture is not focused on treating exceptional talent in an extraordinary manner so these individuals wont want to leave.

    It is key to providing a strong culture with upward mobility. An employer must understand what motivates the candidate and provide career-mapping to help them reach their goals.

    Millennial Comments

    Let potential employees know where they stand in the hiring process, as well as the status of the position.

    Its important to be honest and upfront about what is expected of new hires and what type of workload they will handle.

    Be willing to look beyond a written resume. Consider bright candidates who do not show an expected/straight forward path to the open role. Demonstrate that the company cares about its people.

    Top notch compensation and benefits will attract some of the best talent.

    Employers need to show they value their employees by providing great benefits and a work-to-learn program.

    THE MARKET

    Q1. Who has the upper hand in the hiring process, in todays labor market?

    Q1. If you had to choose one, how would you describe the labor market among Millennials?

  • 6 2017 Management Recruiters International, Inc. All rights reserved. Each office is independently owned and operated. An Equal Opportunity Employer.

    A leader and innovator in search, recruitment and contract staff ing worldwide.

    2%

    26%

    3%

    1%

    16%

    16%

    1%

    5%

    28%

    2%

    26%

    Other

    Opportunities for advancement

    Fun company culture

    Cutting-Edge Technology-

    Work-life Balance

    Work that provides a sense of purpose

    Company perks

    Flexible work arrangements (ability to work remotely)

    Compensation and benefits package

    Team camaraderie and collaboration

    Mentorship

    0% 5% 10% 15% 20% 25% 30%

    Millennials

    22%

    5%

    4%

    29%

    12%

    0.5%

    13%

    9%

    5%

    0.5%

    Opportunities for advancement

    Fun company culture

    Work that provides a sense of purpose

    Company perks

    Flexible work arrangements (ability to work remotely)

    Compensation and benefits package

    Team camaraderie and collaboration

    Mentorship

    0% 5% 10% 15% 20% 25% 30% 35%

    Cutting-Edge Technology

    Work-life Balance

    Recruiters

    Whats Most Important to Millennials?

    Q2. What is most important to you when youre looking to make a job move?

    Q2. What do you see as being the most important thing to millennial candidates?

    PRIORIT